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\begin{tabular}{lcccc} \hline
 & (1) & (2) & (3) & (4) \\\
 & R1 & R3 & R2 & R4 \\\
VARIABLES & chg\_1860\_1863\_shr & chg\_1860\_1863\_shr & chg\_1860\_1863\_shr & chg\_1860\_1863\_shr \\\ \hline
 &  &  &  &  \\\
Cotton city indicator & 0.0198*** & 0.0273*** &  &  \\\
 & (0.00393) & (0.00588) &  &  \\\
Cotton emp. shr. &  &  & 0.0565*** & 0.0627*** \\\
 &  &  & (0.0113) & (0.0142) \\\
Constant & 0.00117*** & 0.00238** & 0.000741* & 0.00275 \\\
 & (0.000286) & (0.000844) & (0.000400) & (0.00171) \\\
 &  &  &  &  \\\
Observations & 156 & 22 & 156 & 22 \\\
 R-squared & 0.404 & 0.519 & 0.509 & 0.556 \\\ \hline
\multicolumn{5}{c}{ Robust standard errors in parentheses} \\\
\multicolumn{5}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\\
\end{tabular}
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